Steady Momentum

研报英文原文证据摘录

Steady Momentum

e growth was

similar to last quarter at about 43% y/y, which we find impressive. Management is raising its FY27

revenue guide from $1.60 billion to $1.64 billion, or to growth of nearly 25% y/y at the midpoint. We are

raising our FY27 reported revenue growth and normalized revenue growth estimates.

Robust Customer Metrics: RBRK’s cohort of customers with subscription ARR over $100,000 grew

by 141 customers to 2,946 customers in the April quarter. In addition, management reported that

RBRK’s customers that generate subscription ARR of $1 million or more grew over 50% y/y, similar

to last quarter. We expect RBRK’s large customer cohorts to increase over time as customer data and

applications grow and as RBRK expands its product portfolio. RBRK’s dollar-based net retention was

“approximately 120%” vs “over 120%” last quarter, and we expect net revenue retention to remain in

the 120% range for the next few quarters. Lastly, management stated that competitive win rates and

pricing dynamics have not meaningfully changed over the past few quarters.

Improving Margins: In the quarter, RBRK reported non-GAAP gross margins of about 83%, which

beat our estimate of about 80% and increased from 80% in the year-ago quarter. Gross margins

benefited from subscription revenue outperformance, cloud hosting cost efficiencies, and productivity

improvements in RBRK’s customer support organization. RBRK reported subscription ARR contribution

margin of positive 13%, which beat our estimate and expanded over 500bps from the year-ago quarter,

driven by a stronger top line, operating efficiencies, and cost management. Management is raising

its FY27 subscription contribution margin guide to about 14% from about 13% previously, and we are